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Microeconomics
The law of supply state that
Microeconomics
the demand schedule for any commodity
Microeconomics
If two firms dominate an industry the market is known as:
Select one:
a. Monopolistic competition
b. Competitively monopolistic
c. Duopoly
d. Oligopoly
e. Monopoly
Select one:
a. Monopolistic competition
b. Competitively monopolistic
c. Duopoly
d. Oligopoly
e. Monopoly
Microeconomics
price floor will always lead to what
Microeconomics
What are the three main purposes of money? In your answer, be sure to explain why each purpose helps us to eliminate the need for bartering.
Microeconomics
Suppose the minimum wage is above the equilibrium wage in the market for unskilled labour. Using a supply-and-demand diagram of the market for unskilled labour, show the market wage, the number of workers who are employed. Also, show the total wage payments to unskilled workers.
Microeconomics
What is capital saving? The trouble I'm having is with:
1. What does it mean when a country adopts it as a strategy?
2. At a firm's level it means raising the marginal product of labor relative to capital in the same capital labor ratio. My trouble is with the last part. That says "in the same capital labor ratio" because how can we increase the marginal product of a factor without increasing the amount of the factor we use?
3. is there a way we can mathematically plan for it? or predict it?
1. What does it mean when a country adopts it as a strategy?
2. At a firm's level it means raising the marginal product of labor relative to capital in the same capital labor ratio. My trouble is with the last part. That says "in the same capital labor ratio" because how can we increase the marginal product of a factor without increasing the amount of the factor we use?
3. is there a way we can mathematically plan for it? or predict it?
Microeconomics
Why is the average total cost curve across a range of production in the short term "U" shaped? Describe completely
When will a farmer shutdown, and produce no corn for the year?
A farmer will produce an output where marginal cost equals___________
When will a farmer shutdown, and produce no corn for the year?
A farmer will produce an output where marginal cost equals___________
Microeconomics
Assume that the following data is for a profit-maximizing manufacturer:
Quantity $Total Cost
0 100
1 140
2 160
3 190
4 240
5 300
6 370
7 450
8 550
a. Does this manufacturer operate in the short-run or in the long-run? Explain.
b. If this manufacturer shuts down what would be the profit or loss?
c. If the price is $75 per unit, what are the profit maximizing output and the level of profit or loss?
d. If the price is $55 per unit, what are the profit maximizing output and the level of profit or loss?
e. What is the value of the break-even price?
Quantity $Total Cost
0 100
1 140
2 160
3 190
4 240
5 300
6 370
7 450
8 550
a. Does this manufacturer operate in the short-run or in the long-run? Explain.
b. If this manufacturer shuts down what would be the profit or loss?
c. If the price is $75 per unit, what are the profit maximizing output and the level of profit or loss?
d. If the price is $55 per unit, what are the profit maximizing output and the level of profit or loss?
e. What is the value of the break-even price?
Microeconomics
Assume that the following data is for a profit-maximizing manufacturer:
Quantity $Total Cost
0 100
1 140
2 160
3 190
4 240
5 300
6 370
7 450
8 550
a. Does this manufacturer operate in the short-run or in the long-run? Explain.
b. If this manufacturer shuts down what would be the profit or loss?
c. If the price is $75 per unit, what are the profit maximizing output and the level of profit or loss?
d. If the price is $55 per unit, what are the profit maximizing output and the level of profit or loss?
e. What is the value of the break-even price?
Quantity $Total Cost
0 100
1 140
2 160
3 190
4 240
5 300
6 370
7 450
8 550
a. Does this manufacturer operate in the short-run or in the long-run? Explain.
b. If this manufacturer shuts down what would be the profit or loss?
c. If the price is $75 per unit, what are the profit maximizing output and the level of profit or loss?
d. If the price is $55 per unit, what are the profit maximizing output and the level of profit or loss?
e. What is the value of the break-even price?
